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According to statistics, a total of North American midstream pipeline companies have filed for bankruptcy (protection) since this year, and their total debt amount is 100 million U.S. dollars, of which the debt involved in 2016 was approximately 100 times that of 2018.
At present, various companies in the North American oil and gas pipeline transmission chain have serious annual cash flow gaps. In 2018, the actual cash flow gap of the oil and gas pipeline transmission sector has reached 100 million U.S. dollars, and the cash flow gap of the entire sector is increasing in one direction. This is mainly due to the fact that the current annual cash expenditures of pipeline operators seriously exceed their annual cash receipts, resulting in a huge cash gap. This part of the cash gap can currently only be obtained through financing methods, and equity financing cannot fully cover all financing demands, making it inevitable to fill the cash gap through debt financing, thus further increasing the debt risks of each company.
On the other hand, most pipeline companies currently maintain quarterly dividends. Under the current circumstances, if dividends are continued, precious cash flow that is already at risk will continue to be consumed. Therefore, the possibility of companies reducing or canceling dividends under cash pressure cannot be ruled out, which will directly lead to a decline in their stock prices. At the same time, major financial institutions in the market have significantly tightened financing conditions for the oil and gas sector, which will further deepen the crisis in the oil and gas pipeline sector.
Although the cash flow gap can be partially alleviated by reducing operating expenses, the low gross profit of pipeline companies under the current low oil prices is the real main factor causing their liquidity crisis, which has also led to the sharp rise in oil and gas prices. Only a rebound can save the actual situation of North American oil and gas pipeline companies. If oil prices continue to slump, it is almost inevitable that this large-scale restructuring of over 100 billion debts will follow the footsteps of shale companies.
[Chicken Soup for the Investing Soul]
In the spot market, don’t have a fluke mentality of getting rich overnight. It can make you rich overnight, and it can also make you liquidate your position overnight. Therefore, in the spot market, everyone pursues All are about long-term and lasting profits, so in the early stage, you need to survive first and make profits in the later stage. Strict stop loss and reasonable stop profit are always the rules of survival in the spot market. Control the position and do not carry the order easily. The order that makes money must be held. The order that loses money must not be carried to death. Do not go against the market. Always Go with the flow!
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